Re: Katie Price declared bankrupt at High Court

Well companies do this all the time for those same reasons. I guess that individuals are now doing exactly the same and for the same underhanded reasons.

This has happened to me when working for companies, three times in total. One of them, the worst, was when I arrived for work as usual to find the shutters down. My colleagues already there said the company had gone bankrupt so that was it.

Fortunately I managed to get work with another company the next day. Reporting there I was given work for the shift and noticed some familiar names. The company that had gone bankrupt was only sending their work out to other companies so as to keep their clients! So there I was doing work for a company that had just gone bankrupt and they owed me £1,200 in holiday and other pay. That money I have never received to this day. Even worse, a week after that the company were trading again with just a slight change to the name!

Re: Katie Price declared bankrupt at High Court

She must have a new book out for Christmas.

I'm sorry but I can't feel sorry for her. She may be filing for bankruptcy but I'm sure she has a few million somewhere. I don't think we'll be seeing her sat outside a Tesco Express shop anytime soon with a blanket around her.
These celebrities live in a dream world.

Re: Katie Price declared bankrupt at High Court

Katie Price strikes me as yet another person who refuses to change her lifestyle when the money starts to dry up.

Re: Katie Price declared bankrupt at High Court

Katie Price has been declared bankrupt because she has broken the terms of her Individual Voluntary Agreement (IVA).

Re: Katie Price declared bankrupt at High Court

I wonder if many of her assets are in another name if so she wont lose out . Expect shes had advice regarding property cars etc from her lawyers. Watch this space bet she doesnt lose her home and life style . Dont know if shes still married if so he may legally owe everything . I may be wrong but think 18months is now the maximum time for bankrupsy then a credit/debit card can we set up for more spending.

What a life

Re: Katie Price declared bankrupt at High Court

What happens to her assets will depend on the findings of the Official Receiver. When I worked for the Insolvency Service, I dealt with the paperwork that stripped bankrupts of all the trappings of wealth - not just houses, furniture and vehicles but clothes, jewellery and leisure accesories - sadly, children were also pulled from private schools, too.

12 months is usually the limit for bankruptcy but a discharge will not, necessarily, mean credit may be easily obtained since records of bankruptcy are retained for at least 6 years and, sometimes, for as long as 15 years.

Re: Katie Price declared bankrupt at High Court

The trick is never to start a private business even though it's a lot simpler than starting a limited company and never start just one limited company, start two.

Company #2 is set up to be a leasing company providing what assetts company #1 needs while company 1# engages in trade.

That way if, or when company #1 goes bust other than perhaps a couple of chairs, a kettle, a microwave and other low value assets there's zilch for bailiffs to seize, and company #1 retains high value assets to do with as it wants.

Illegal? If there's only a few thousand quid involved it would cost far more to prove than it would be worth.

I've always been my view that in business laws are no more than buoyes marking reefs to be steered around. That is a principal that has served me well.

Re: Katie Price declared bankrupt at High Court

I think it's IFRS 16 that has possibly closed that kind of loophole. The accounting rules for leased items have changed completely.

Re: Katie Price declared bankrupt at High Court

Not when you set up company #2 offshore.

Re: Katie Price declared bankrupt at High Court

There was a photograph of her in today's paper, saying she was drunk on a train somewhere.

Quote:

"Katie Price had an astonishing rant on a packed train, telling shocked passengers she was glad she was about to be declared bankrupt.
Katie, 41, even thanked Prince Andrew and Jeffrey Epstein in the belief the royal scandal was keeping her out of the news.

" I've known it's coming, going bankrupt, because I took him (Peter Andre) to court. He's the worse person ever."

She then added - " I f***ing can't wait. I'm better off. It's good for me. It's better than paying two-and-a-half-grand a month to f***ing HMRC. I'm not worried."

She also told them she wouldn't do Strictly because they don't pay enough.